Apache boasts falling North Sea costs

摘要

London—US exploration and production company Apache voiced confidence in its UK North Sea operations Tuesday, saying it expected its operating costs there this year to average just $13.62/b of production, compared with an North Sea industry average of $30.49 last year. Apache, which also operates in North America and Egypt and has recently undergone a change of management, said it had potential UK reserves of 574 million to over 1 billion barrels of oil equivalent. It based this on the prospectivity of its main North Sea field, Forties, which has been producing since 1975, as well as the Beryl Field and recent discoveries.